Born in 1955: What Is Your Full Retirement Age?

Social Security serves as a fundamental income stream for many individuals transitioning into retirement. For those born in 1955, understanding when to claim benefits and how those decisions affect monthly payments is a key consideration. This article provides clarity on the full retirement age and claiming options.

Your Full Retirement Age: Born in 1955

For individuals born in 1955, the designated full retirement age (FRA) is 66 years and 2 months. Reaching this age signifies eligibility to receive 100% of your primary insurance amount (PIA), the full Social Security benefit calculated based on your earnings record.

The full retirement age has gradually increased for those born after 1937, moving from age 65 to 67. For individuals born between 1943 and 1954, the FRA is 66. For birth years 1955 through 1959, the FRA increases by two months per year, reaching 67 for those born in 1960 or later. This phased adjustment ensures the long-term sustainability of the Social Security program.

Understanding Your Claiming Options: Early, Full, or Delayed

Beneficiaries have three primary options for when to begin receiving Social Security retirement benefits: claiming early, at full retirement age, or delaying the start of benefits. Each choice has distinct implications for the amount of monthly income received.

Claiming benefits as early as age 62 is an option. This allows for an earlier start to payments, but means accepting a reduced monthly benefit amount.

The full retirement age represents the age at which a beneficiary receives their full, unreduced monthly payment. Electing to claim at this age provides the entire benefit amount based on their earnings history.

A third option involves delaying benefits beyond the full retirement age, up to age 70. This offers the potential for increased monthly payments, as there is no further financial incentive to delay claiming benefits beyond age 70.

How Your Claiming Age Affects Your Monthly Benefit

The age at which you choose to start receiving Social Security benefits significantly impacts the monthly payment you will receive throughout retirement. Claiming benefits before your full retirement age results in a permanent reduction, while delaying them past your full retirement age can lead to a larger monthly sum.

For someone born in 1955, claiming benefits at the earliest possible age of 62 leads to a substantial reduction. This early claiming results in a monthly benefit that is approximately 25.83% lower than the full amount. For instance, if your full retirement age benefit was $1,000, claiming at age 62 would reduce it to about $741.70 per month. This reduction is permanent and applies for the duration of benefit receipt.

Conversely, delaying the start of benefits past your full retirement age can provide a significant boost to your monthly payments through delayed retirement credits (DRCs). For individuals born in 1943 or later, Social Security offers an annual increase of 8% for each year benefits are delayed, up until age 70. This translates to an increase of two-thirds of 1% for each month benefits are postponed.

For a person born in 1955, delaying benefits until age 70 means delaying for 3 years and 10 months, or 46 months. This delay would result in an increase of about 30.67% to their monthly benefit, calculated as 46 months multiplied by two-thirds of 1% per month. Therefore, a full retirement age benefit of $1,000 could grow to approximately $1,306.70 per month by waiting until age 70. This increase is also permanent, providing a higher income stream for the remainder of retirement.

Working While Receiving Social Security Benefits

Many individuals choose to continue working even after they begin receiving Social Security benefits. It is important to understand how earned income can affect your benefit payments, particularly if you are below your full retirement age. The Social Security Administration applies an earnings test to determine if benefits should be temporarily withheld.

If you are receiving Social Security benefits and are below your full retirement age, an annual earnings limit applies. For 2025, this limit is $23,400. If your earnings exceed this amount, your benefits will be reduced by $1 for every $2 you earn over the limit. For example, if you earn $24,400, which is $1,000 over the limit, your benefits would be reduced by $500.

In the calendar year you reach your full retirement age, a higher earnings limit applies, but only to earnings received in the months before your birth month. For 2025, this limit is $62,160. In this specific period, your benefits are reduced by $1 for every $3 you earn above this higher limit. This rule accounts for the transition period as you approach your full retirement age.

Once you reach your full retirement age, the earnings test no longer applies. This means you can earn any amount of income without your Social Security benefits being reduced. Any benefits that were withheld due to the earnings test before reaching your full retirement age are not permanently lost; they are factored into a recalculation at your full retirement age, potentially leading to increased future monthly payments.

Steps to Apply for Social Security Benefits

Applying for Social Security benefits involves several straightforward steps. Most people should plan to apply approximately three months before they wish their benefits to start. This timeframe allows the Social Security Administration (SSA) to process the application efficiently.

You have several convenient options for submitting your application. The most common and often easiest method is to apply online through the SSA’s official website. Alternatively, you can apply by phone or by visiting a local Social Security office in person. Many find the online application to be the most convenient, as it can be completed from home.

When applying, you will need to provide specific information and documents. Essential items include your Social Security number, your original birth certificate or a certified copy, and proof of U.S. citizenship or lawful alien status. You will also need your W-2 forms or self-employment tax returns from the previous year to verify earnings. Finally, providing your bank’s routing number and account number is necessary for direct deposit of your benefits. After submission, the SSA will review your application and communicate their decision, typically within a few weeks to a couple of months.